New York Institution Is Holding Public Auctions to Clear its Final Remaining Stock

As
David Francis
stood in line outside J&R Music and Computer World in lower Manhattan on Tuesday, he lamented that this would be the last time he would be setting foot in the electronics superstore.

The New York institution, which opened more than four decades ago as a basement record shop across from City Hall, is holding public auctions to clear its final remaining stock after announcing in April that it would be closing its doors.

"We spent a lot of money here," said Mr. Francis, 57 years old.

The auction, which began with computer equipment and electronics on Tuesday, is expected to continue Wednesday with sales of camera equipment. Next week, the auctions will include musical instruments and household goods.

The fire sale follows a decision by Joe and
Rachelle Friedman,
the store's founders, to close the business last month, ending a legacy that began as a mom-and-pop shop in 1971 and expanded into a mecca for music and electronics.

Asked about future plans, a spokeswoman for the store said the owners had no comment. The company's website includes a rendering of its building, "reimagined and redeveloped."

In addition to sentimental shoppers, the auction attracted dozens of bargain hunters, hopeful resellers and curious passersby eager for deals.

"I wouldn't mind seeing if there are Apple products at a reasonable price," said music marketer
Rachel Mintz,
of Chelsea, who said she turned up on a whim after reading about the auction Tuesday morning. She said she had no particular buying strategy.

Standing nearby was
James Kandziolka,
33, who said a game-plan was crucial. "The hour or two before the auction actually starts, that's where you're trying to figure everything out," he said, referring to whom his bidding opponents might be and where the best deals might lie.

But bargains sometimes proved elusive.

"People bid up the prices," said Queens resident
John Jones,
53. "The prices are better on the Internet."

More than 200 people crammed inside the store to inspect items, most of which had already been opened because they were returns or had undergone previous inspection.

The state of disarray left a sour taste for some.

"It's this iconic, multi-block store and it's gutted in there," said
Manny Rucera,
23. "It's just a shadow of its former self."

The terms of Tuesday's auction stipulated bulk purchases only, disappointing bidders looking for a single phone or tablet. Upcoming auction days will include single-item sales.

Officials said winning bids ranged between $300 and $15,000.

Joe Oberlander,
33, of Williamsburg, said he outbid several buyers for a cache of 16 electronic tablets for children. The items opened at $10 a tablet and closed at $35 each, he said.

"I figured it was a good deal," said Mr. Oberlander, who said he would now try to flip them for a profit on eBay.

Outside the venue, security negotiated with dozens of bemused and, at times, fuming people who were barred entry because of an unannounced policy prohibiting anyone with a bag from entering.

Yaffa Faffoon,
51, was one of those stranded without somewhere to place her belongings.

"It's a shame because there's a lot of people who want to come in and they can't," she said.

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.